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February 4, 2013
11:46 EDTCYBXCyberonics rallies after former employee drops lawsuit
Cyberonics (CYBX), which develops nerve stimulation devices that are supposed to combat epilepsy and depression, is rising after former employee Andrew Hagerty dropped his lawsuit against the company on February 2. Hagerty, a former sales representative at Cyberonics, had alleged that he was improperly fired by the company, Jefferies analyst Raj Denhoy wrote in a note to investors earlier today. Moreover, Hagerty stated that Cyberonics had committed significant "broad-based improprieties," according to Denhoy. Hagerty alleged that Cyberonics had systematically committed fraud by coercing surgeons to prematurely remove the batteries from Cyberonics devices implanted in patients, short-selling blog TheStreetSweeper reported last month. Hagerty's decision to terminate the lawsuit removes an overhang from Cyberonics shares, wrote Jefferies' Denhoy, who reiterated a Buy rating on the stock. In late morning trading, Cyberonics jumped $4.37, or 10%, to $48.72.
News For CYBX From The Last 14 Days
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March 6, 2015
10:00 EDTCYBXOn The Fly: Analyst Downgrade Summary
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05:56 EDTCYBXCyberonics downgraded to Hold from Buy at Jefferies
Jefferies downgraded Cyberonics to Hold with a $75 price target saying the stock looks fairly valued ahead of the merger with Sorin S.p.A.
February 26, 2015
15:09 EDTCYBXCyberonics downgraded earlier to Neutral from Buy at Sidoti
09:25 EDTCYBXOn The Fly: Pre-market Movers
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07:20 EDTCYBXCyberonics backs FY15 adjusted EPS view $2.33-$2.39, consensus $2.37
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07:17 EDTCYBXCyberonics reports Q3 adjusted EPS 59c, consensus 57c
Reports Q3 revenue $72.1M, consensus $72.02M.
06:21 EDTCYBXCyberonics to host conference call
Conference call to discuss merger agreement with Sorin Group will be held on February 26 at 8 am. Webcast Link
06:04 EDTCYBXCyberonics and Sorin Group to merge into new medical technology company
Cyberonics and Sorin S.p.A., a global medical device company, announced their merger plan to create a new medical technologies company with a combined equity value of approximately $2.7B. The proposed transaction has been unanimously approved by the boards of directors of both companies. Sorin and Cyberonics will combine under a newly formed holding company, "NewCo", which the parties will name prior to closing. Each Cyberonics stockholder will receive one ordinary share of NewCo for every share of Cyberonics owned. Each Sorin shareholder will receive a fixed ratio of 0.0472 ordinary shares of NewCo for every Sorin share owned. Following completion of the transaction, Sorin shareholders will own approximately 46% of NewCo, and Cyberonics shareholders will own approximately 54%. Sorin CEO Andre-Michel Ballester will serve as CEO of NewCo and Cyberonics CEO Dan Moore will become non-executive Chairman. The combined company will have pro-forma revenues of approximately $1.3B and the merger is expected to be cash EPS accretive to all shareholders from 2016. NewCo will be domiciled in the UK and will apply for dual-listing on NASDAQ and the London Stock Exchange. The transaction is currently expected to be completed by the end of 3Q15.
February 25, 2015
17:03 EDTCYBXCyberonics announces CE Mark approval of VITARIA System
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